GameStop Drops as Ascendiant Cites Rising Digital Game Sales
GameStop fell sharply after an analyst at Ascendiant Capital Markets downgraded the videogame retailer, noting that digital videogame sales are rising.
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GameStop (
GME) - Get Report shares dropped on Monday after an Ascendiant Capital Markets analyst downgraded the Reddit-favorite stock to sell as digital sales of videogames rise.
Shares of the Grapevine, Texas, company dropped 9.7% to $143 at last check.
Ascendiant Capital Markets analyst Edward Woo downgraded GameStop to sell from hold and cut his price target on the retailer to $10 from $12.
The analyst said that the Reddit-fueled trading surge in GameStop is “likely to fade as digital threats increase.
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